Nanocomposites Market Size, Share & Industry Analysis, By Type (Polymer, Metal, Ceramic, Others), By Product (Carbon Nanotubes, Nanoclay, Graphene, Nanofiber, Others), By Application (Packaging, Electrical & Electronics, Automotive, Aerospace & Defense, Others), and Regional Forecast, 2024-2032

The global nanocomposites market size was USD 4.32 billion in 2019 and is projected to reach USD 14.34 billion by 2027, exhibiting a CAGR of 16.3% during the forecast period. Asia Pacific dominated the nanocomposites market with a market share of 38.19% in 2019.

Nanocomposites can be categorized based on their dispersed phase materials and dispersed matrix. They are highly influenced by the interfacial interactions, components of individual property, structure, and composition. The market is growing rapidly in the field of automotive, packaging, electronics & semiconductors, drug delivery systems, anti-corrosion barrier coatings, and aerospace & defense applications.

Metal matrix nanocomposites (MMNC) consists of a ductile alloy or metal matrix. These materials combine ceramic and metal features, i.e., toughness and ductility with high modulus and strength. Thus, MMNCs are suitable for the production of materials that require high strength in shear or compression processes and high service temperature capabilities.

COVID-19: Stringent Rules Implemented by Government to Surge Demand in Packaging and Electronics Industries

The ongoing COVID-19 pandemic has considerably affected the global nanocomposite market due to the stringent rules imposed by the local governments and organizations. The product manufacturing has been lowered in regions which significantly has affected the market. Although the market is affected by this situation, there has been a significant increase in demand from certain segments such as food packaging and electronics.

A substantial increase in demand for packed food products and takeaway parcels due to the social distancing norms has led to an increase in the demand for nanocomposite packaging films and cartons. Additionally, the increase in demand for touch screen electronics devices like smartphones, laptops, TV screens, and other gadgets due to the implementation of e-learning in schools, colleges, and educational institutes is serving as an opportunity and will boost the demand.

NANOCOMPOSITES MARKET TRENDS

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Manufacturing of Transparent Films and Electrodes is a Significant Trend

One of the prominent applications of these composites is the use of carbon nanotubes (CNT) in developing transparent conductive films (TCF). Currently, in the manufacturing of TCFs indium tin oxide is used. The new technological advancement in the CNT to manufacture TCF shall replace the traditional TCF with the enhanced and low-cost and high-quality CNT based transparent films. Chemical vapor deposition, laser vaporization, and arc discharge methods are important and enhanced commercial manufacturing methods that are preferred over the conventional synthesis methods. These are simpler and easier methods to obtain high-quality CNT. Combustion Chemical Vapor Deposition (CCVD) and Plasma Enhanced Chemical Vapor Deposition (PECVD) techniques are technically advanced methods that are often used to manufacture Single-Walled Carbon Nanotubes.

Additionally, type carbon nanotubes reinforced nanocomposites have recently gained importance and have opened up a new range of applications due to its exceptional mechanical, tensile, thermal, chemical properties, and improved flame retardant property. Some of the niche applications of CNT are anti-static shielding on airplane wings, fuselages, and shielding of electromagnetic interference. The potential use of CNT based TCF that can be used in stretchable, flexible, and wearable optoelectronics. Also, there has been significant progress in the fabrication, properties, and stability which can lead to an increase in industrial applications for the product.

The doping of MoOx has considerably increased the stability and reliability of the TCF. Charge transfer doping enhances the electrical conductivity of the TCF and also exhibits thermal stability. The use of nanoparticles of semiconductors instead of metallic and film nanoparticles will enable efficient electrical transport in the CNT network. In November 2019, Birla Carbon and CHASM Advanced Materials joined forces to accelerate the innovation and development of novel nanomaterials to benefit various market segments like novel coatings, next-gen batteries, and other printed electrical components. 

NANOCOMPOSITES MARKET GROWTH FACTORS

Increasing Applications in the Packaging Industry Will Favor Growth

The packaging is one of the sectors that have experienced several modern-era changes in the last two decades. Nanocomposite is widely used for making packaging products such as films, cartons, boxes, and others. The product has wide usage in the packaging sector due to high quality, versatility, flexibility, high tensile strength, and lower cost as compared to other packaging products.

Increasing demand from the food and beverage sector for packaging has had a huge impact on market growth. These products show improved thermal, mechanical, biodegradable properties along with the enhanced obstruction to microbial and other contaminating agents. The use of intelligent and active food packaging technologies shall drive the market. For instance, food packaging is obliged to have a lower gas transmission rate to avoid spoiling of the food product by oxidation and maintain the product shelf life. Polymer composites have excellent barrier properties that avoid the transmission of oxygen, carbon dioxide, moisture, and even the aroma of the food. These desirable properties have attracted the food & beverage manufacturers to adopt nanocomposite packaging which further has boosted the product demand.

The increasing number of working women across the world has substantially increased the demand for ready to cook, pre-cooked, and other convenience food products. The International Labor Organization states that the current global workforce participation rate of women is close to 49% and is expected to increase due to the growing initiatives carried out by ILO.

RESTRAINING FACTORS

High Production and Processing Cost May Hinder Growth

These composites are specially engineered materials that have gained significance in a short span of time in the field of nanotechnology. They are generally produced by suspending nanoparticles in the matrix. Carbon nanotubes are produced by methods such as chemical vapor deposition, laser ablation method, arc discharge method, and other processes which suspend the nano-size particles into the matrix grains. The equipment and machines that are used are slightly expensive and need high maintenance. Additionally, the equipment needs maintenance on a regular basis to retain production efficiency and quality. This results in a higher cost of production and processing. However, technological advancements in processing equipment and production methods shall serve as an opportunity for the market during the forecast period.

NANOCOMPOSITES MARKET SEGMENTATION ANALYSIS

By Type Analysis

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Polymer Nanocomposites Segment to Hold a Major Share

Based on type, the market is segmented into polymer, metal, ceramic, and others. The polymer segment accounted for a major share in 2019 and may continue its dominance during the forecast period. Favorable government regulations regarding product usage in packaging, aerospace, and automotive industries will fuel the demand for polymer product type. The product imparts advancement in synthetic plastic materials owing to properties such as mechanical strength, gas barrier properties, flame retardancy, superior thermal conductivity, electrical conductivity, and rheology. Also, it is gradually replacing heavy metals used in the aerospace and automotive industries.

Increasing product applications in power generation, energy storage, automotive, and aerospace sectors shall drive the ceramic products market size owing to its ability to survive at high temperatures. It is widely used in the aerospace & defense industry on account of its properties such as fracture toughness, high temperature, corrosion resistance, wear, and high damage tolerance. They provide electromagnetic shielding for aircraft and better space environments.

By Product Analysis

Carbon Nanotubes (CNT) to Lead Owing to Their High Electrical and Thermal Conductivity Properties

On the basis of product, the market is categorized into carbon nanotubes (CNT), nano clay, graphene, nanofiber, and others. CNT based nanocomposites segment to dominate the market by the end of 2027. Carbon nanotubes have high electrical conductivity, tensile strength, thermal conductivity, and can also be chemically modified. They are used in composites, optics, electronic and other applications areas. CNTs are used as composite fibers in polymers to improve their electrical, thermal, and mechanical properties. It is also used in manufacturing automotive parts and sports gear. The increasing demand for polymers will subsequently fuel the carbon nanotubes market.

Nanoclays are generally employed in polymer nanocomposites, rheological modifiers, gas absorbents, and also as drug delivery carriers. These are used in polymers to enhance mechanical properties and to reduce the permeability of gases such as oxygen, carbon dioxide, moisture, and vapors.  Increasing demand for nano clays from the oil and gas industry as a part of drilling mud, increasing the viscosity of the mud slurry, which keeps the drill cool and helps in removing the solid that is drilled. Nanoclays are relatively inexpensive, environmentally friendly, and can also be produced conveniently.

Graphene is used in various electronic components due to its electric properties. Graphene is a zero-gap semiconductor and shows high electron mobility at a normal temperature. Accounting to these properties, it is predominantly used in LED, touch panels, solar cells, phone screens, and other electronic components. Increasing demand for electronic devices such as laptops, smartphones, LED TV, and devices with touch screens shall boost the demand for graphene.

By Application Analysis

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Packaging Segment to Hold a Major Share in the Market

On the basis of application, the market is segmented into packaging, electrical & electronics, automotive, aerospace & defense, and others. The packaging segment is set to hold a major share during the forecast period owing to its increasing usage in food & beverages and pharmaceutical packaging.

The automotive industry has employed these composites in the manufacturing of lightweight components. These components reduce the total weight of the vehicle and significantly lower fuel consumption. Moreover, they also reduce greenhouse gas emissions (GHG) and comply with the stringent rules about the carbon emissions by vehicles, imposed by the governmental authorities. These factors will have a positive impact on the market and raise the demand for lightweight automotive components.

Multi-layer nanocomposites are used in electronic applications. The increasing R&D to use graphene in developing transparent electrodes due to high optical transparency shall drive the product demand in electronic and electrical applications. In the modern era, there has been an increase in demand for flexible, transparent conducting materials for manufacturing touch screens, video displays, optical panels, and solar cells, thus stimulating the market growth.

REGIONAL NANOCOMPOSITES MARKET ANALYSIS

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Asia Pacific is expected to hold the largest market share in 2019. The presence of several manufacturers in Southeast Asia will contribute to the growing demand for the product across several end-use sectors. The increasing usage in electronics and semiconductors, automotive, food and beverages, packaging, and pharmaceutical applications is likely to positively impact the regional market and continue its dominance.

Carbon nanotubes are used in various transistors, sensors, ICs, atomic force microscope probes, and other electrical components attributed to their exceptional properties shall raise the product demand in countries like India, Japan, China, and South Korea. The rapidly developing electronic manufacturing sector in these countries attributed to the high demand for electronic devices from the end-user industry shall drive the regional market. For instance, as per statistics by the United Nations Industrial Development Organization (UNIDO), China will witness considerable growth in electronics, optical, and computer manufacturing by 10.5% in the coming years. These factors shall contribute to the growth of the regional market.

North America is expected to hold a significant nanocomposites market share due to the increasing R&D activities in the aerospace and defense sector. The use of heat resistant nanocomposites in several aeronautical applications such as manufacturing of aerospace components is likely to boost the market growth. These products are also used in high-temperature environments which include automotive and aerospace applications. Adoption of heat resistant and polymer derived ceramics for advanced thermoelectric application by the National Aeronautics and Space Administration (NASA) shall create a positive impact on the regional market.

Increasing adoption of light-weight and biodegradable polymer composites by various electronic and packaging industries due to the stringent rules imposed by the Environmental Protection Agency (EPA) regarding the non-degradable materials shall boost the regional market growth opportunities.

Europe is expected to show considerable growth owing to the increasing implementation of these composites in the automobile and medical sectors. The continuous R&D in developing light-weight, non-corrosive, and strong materials for automobile parts would potentially reduce the overall weight and fuel consumption of vehicles. It is likely to boost the demand from various European automobile manufacturers.

The increasing usage of products for biomedical applications like drug delivery, bone tissue engineering, cell-related therapies, and other applications in Germany, the U.K., France, and Italy as technically advanced medical treatment procedures shall drive the local market. Moreover, the increasing geriatric population in the European countries will lead to an increase in the demand for biomedical applications which further shall foster the market growth.

KEY INDUSTRY PLAYERS

Strategic Initiatives Implemented by the Companies to Strengthen Market Position

Major players operating in the nanocomposites industry are Zyvex Technologies Inc., Nanocyl SA, Evonik Industries AG, Arkema S.A., Cabot Corporation, and others. Several companies are looking to expand their businesses through collaborations and new product development strategies. For example, in January 2020, Cabot Corporation announced the acquisition of a Chinese carbon nanotube manufacturer, Shenzhen Sanshun Nano New Materials Co., Ltd. (SUSN) to strengthen its market position and formulation.

Also, a few companies are engaged in manufacturing and supplying raw materials for these composites that are integrated into the raw material supply chain. For example, Inframat Corporation develops nanostructured advanced materials grinding media, solid oxide fuel cells, and other advanced materials and supplies it to other companies and research institutes. The company has developed expertise centers in industrial nanocoating. Nano-magnetic technology involves the use of soft magnetic cores used in electrical devices and machines. The company has a widespread product portfolio which includes nano metal oxides, nano thermal spray powders, nano carbides and nitrides, nano metal powders, and nanomagnetic powders of various grades, purity, and particle size. 

LIST OF KEY COMPANIES PROFILED IN NANOCOMPOSITES MARKET:

• Arkema S.A. (France)


• Evonik Industries AG (Germany)


• Showa Denko K.K. (Japan)


• Cabot Corporation (U.S.)


• Zyvex Technologies Inc. (U.S.)


• Nanocyl SA (Belgium)


• RTP Company (U.S.)


• Nanophase Technologies Corporation (U.S.)


• Nanocor Inc. (U.S.)


• DuPont (U.S.)


• Other Key Players

KEY INDUSTRY DEVELOPMENTS:

• July 2019 – Briggs Automotive Company (BAC) collaborated with Haydale to incorporate these composites in automotive body panels. Haydale announced that its graphene-enhanced prepreg has been assimilated in the automotive body panels and composite tooling in the new BAC Mono R.


• July 2018 – Airbus Beijing Engineering Center (ABEC) and the National Center for Nanoscience and Technology (NCNST) of China have launched a lab focusing on nanocomposite materials, where the two parties will together research in the aeronautic sector.

REPORT COVERAGE

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The nanocomposites market research report provides a detailed analysis of the market and focuses on crucial aspects such as leading companies, applications, and products. Also, the report offers insights into market trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses various factors that have contributed to drive the growth of the market over recent years.

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